Coworking in Mexico: A Flourishing Industry
The coworking scene in Mexico has been experiencing significant growth, making it a key player in the Latin American coworking market. Here's an overview of the current state of the coworking industry in Mexico:
Rapid Growth in the Coworking Sector #
According to SiiLA Market Analytics, between 2019 and 2022, the number of companies offering coworking services in Mexico surged by almost 30%. This growth is indicative of the increasing demand for flexible workspaces in the country.
Attraction for Multinational Corporations #
One of the significant factors contributing to the rise of coworking in Mexico is the relocation of multinational corporations (MNCs) to the region. For instance, LinkedIn collaborated with The Instant Group to establish its first flexible office space in Mexico City, marking its second venture in Latin America. Such moves by MNCs signify the strategic importance of Mexico in the global coworking landscape. The country's proximity to the United States and its pool of skilled workers make it an attractive destination for businesses looking to expand.
Emerging Coworking Hotspots #
While Mexico City has traditionally been the epicenter of the coworking movement in Mexico, other cities like Guadalajara and Bogota are witnessing increased demand. The growth in these secondary markets indicates a diversification of the coworking landscape in the country.
Major Players in the Region #
U.S.-based coworking operator, Venture X, has made significant inroads into the Latin American market, with its first space in Costa Rica in 2020. The company has plans to further expand its presence in Honduras and Mexico in the coming months. The expansion strategy of such major players underscores the potential of the Mexican coworking market.
Pricing and Supply Dynamics #
The pricing for coworking spaces in Mexico is competitive. For instance, the average price for a monthly hot desk in Central America was $196 USD in 2022. In comparison, North America's average monthly pricing stands at $246 USD. Sao Paulo and Mexico City are the leading cities in terms of flexible office space supply, accounting for 15% and 13% of the total market, respectively.
The Road Ahead #
The coworking industry in Mexico is poised for further growth. The shift in workplace strategies due to the pandemic, coupled with the rise of remote work, is expected to drive demand for flexible workspaces in the country. As the industry continues to evolve, Mexico is likely to see an influx of new coworking spaces catering to a diverse clientele.
For a deeper dive into the coworking landscape in Latin America, you can refer to the article on Coworking in Latin America: Assessing the Appeal.
Popular Coworking Spaces in Mexico #
- IOS Offices: Known for offering bespoke, fully customized workspaces, IOS Offices is a preferred choice for many MNCs setting up shop in Mexico.
- WeWork: With multiple locations across Mexico City, WeWork offers a blend of modern design and premium amenities.
- Regus: Catering primarily to businesses, Regus has established itself as a reliable coworking provider in Mexico City.
This overview provides a snapshot of the burgeoning coworking industry in Mexico. The country's strategic location, coupled with its growing economy, makes it a hotspot for coworking in Latin America. As more businesses recognize the benefits of flexible workspaces, Mexico's coworking scene is set to thrive even further.
